Bad Luck? Weekly Distressed Property Roundup

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Real Estate Broker/Owner with Broadpoint Properties Cal BRE #01324959

short sale newsFriday the 13th is known to be a day of bad luck. Did you have any bad luck yesterdday? Well, the good news is that not too much terrible stuff if going on in the distressed property arena.

Here’s a recap of some of the interesting stuff that went on this past week in the distressed property arena:

California Homeowner Bill of Rights Approved by Legislature While this Bill of Rights is not yet law, many will agree that it is a step in the right direction. If Governor Brown signs it, this will put an end to dual tracking of short sales and foreclosures What a relief for many busy short sale listing agents!

How to Make Your Real Estate Business Matter Your mentor in real estate does not have to be another agent, although it always helps to have an agent friend on your side. You can also learn lots about business from other businesses all around you. Check out what can be learned about real estate from a food cart (yes, a food cart).

How to Write a Hardship Letter Almost every day of the week someone emails our office to ask for support in writing a short sale hardship letter. And, we always forward them these guidelines. You do not have to write a 300-page novel to explain your situation to your short sale lender. The tips included here will be enough to write an A+ hardship letter.

There’s lots going on in the distressed property arena. And, if you are actively working with ‘distressed’ borrowers, it’s important to keep up with all of the changes in the industry. Sometimes that’s hard, which is why we’ve provided you with a weekly recap right here.

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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

Melissa - we had Closing yesterday, and it was rather smooth, no issues, which is not so common. A short sale, where the Seller got $3,000 from HAFA and $20K from Chase.

Guess we, taxpayers, paid it

Jul 14, 2012 06:09 PM #1
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Mary Douglas
United Country Ponderosa Realty - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Melissa, I can appreciate the brevity of a hardship letter, I can't imagine the person on the other end having to read them all day....and yeah! all states should cease and desist on the dual tracking!

Jul 14, 2012 08:34 PM #2
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Ginny Gorman
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Melissa, i love the lesson of the food cart vendor...because many times i feel i am him!!  I seem to do more lower end volume but touch more people...i have an associate that does a couple a year of higher end & content with it...long run I believe I will survive better and I hope to reflect on that in a couple of years!

Jul 15, 2012 05:31 AM #3
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Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

I send my clients a link to how to write a hardship letter that I wrote, so I don't have to reinvent the wheel every time. Basically, you say what awful thing has happened since you bought the home, what you've done to fix the horrible problem, and why nothing you can do will work and, in fact, things will only get worse. End of story.

Jul 15, 2012 07:51 AM #4
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Melissa Zavala

Broker, Escondido Real Estate, San Diego County
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